A news summary, focused on 10 big employers; updated 4:42 p.m.
The 10 big louisville employers tracked by Boulevard took it on the chin again, tumbling for a second consecutive day in the aftermath of Britain’s surprise vote to leave the European Union. Only one — Qingdao Haier, new owner of GE Appliances — gained ground, as major stock market indices fell hard. The Dow Jones Industrial Average closed at 17,140, down 1.5%; the broader S&P 500 index ended the day at 2001, off 1.8%, and the Nasdaq slipped below 4,600, or 2.4%.
Some of the losses didn’t make sense. Hospital and nursing home giant Kindred, with no discernible exposure to overseas turmoil, dove another 7%, to $10.49 a share — even steeper than its 3.9% drop on Friday. Volume was light: 767,818 shares vs. the average 837,761, suggesting little conviction among pessimistic investors; 1.1 million shares traded Friday. Still, Kindred was easily the worst performer of the 10 today:
Papa John’s, on the other hand, fell just 1%, to $65.82, after also declining 1% Friday. That’s despite the fact its biggest foreign market is the U.K., where it has 384 company-owned and franchised stores — 26% of all 1,505 outside the U.S., according to its annual report. In total, Papa John’s had 4,893 stores at the end of last year. The company’s top 10 foreign markets . . .
. . . and the full list of all 37 overseas.
Today’s action came after Friday, the first day Wall Street could react to Brexit. The Dow plunged 3.4% to close at 17,400; the S&P fell 3.6% to 2,037, and the Nasdaq fell the most, 4.1% to 4,708. Here’s the latest news about Brexit, finance, and business.
In non-Brexit news, Papa John’s will donate 250 pizzas a day through Thursday to victims of recent devastating floods in the Elkview and Clendenin areas of West Virginia (WSAZ). At least 25 people are dead and several more missing after the disaster caused by heavy rains Thursday. Latest flood news.
Meanwhile, visits to fast-food restaurants — which had been growing at a quarterly clip of 2% since September 2015 — stalled in March, April and May, according to as-yet-unpublished data from market research firm NPD Group (The Wall Street Journal).